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1. Explain in detail aspects of microeconomic theory, which affects the achievement of solutions to business...

1. Explain in detail aspects of microeconomic theory, which affects the achievement of solutions to business problems (use theories and theories to support your answer).

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Microeconomics deals with economic decision making at an individual unit like businesses or households decisions of making choices and what factors influence their choices and how the choices affect price and output produced in the goods market. A business firm makes decisions based on various factors based on the state of the economy, resources available, competition in the market, externalities and uncertainties as well. Businesses make decisions regarding employing factors of production based on microeconomic principles; for example in the labor market, wages are paid to workers and labor demand depends on wages primarily and also on other factors. The microeconomic theory implies that as wages increase, less labor should be demanded given all other factors are at rest.

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